Machine learning in businesses

In our daily life, you may often hear the word “AI” (Artificial Intelligence) and think of a robot that has a capability of work like a human. AI can make machines work like humans but it needs science called “Machine Learning” which means data analytics of big data to find patterns and characteristics of the data.

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Let’s dive deeper into principles of Machine Learning, it is the way we apply mathematics and statistics to calculate and find various patterns in the data as known as Algorithms to predict the future. Nowadays, Machine Learning is now being used in our daily life. For example, YouTube and Netflix use it to recommend videos or movies based on your previous view. It is also used for analyzing faces to determine persons in the photos on smartphones. Moreover, you can also use it for voice control via Siri on iPhone or Amazon Alexa.

In Thailand, using Machine Learning in an organization may seem like it is irrelevant to you but actually the principles of Machine Learning can be applied to businesses efficiently and they also meet business needs in time while the consumer behavior changes all the time. You can see that Machine Learning is used in various businesses. For example, finance business uses Machine Learning to create prediction models for credit scoring in order to approve loans or credit cards for customers, or to analyze behavior of credit card customer for fraud detection. In debt collection business, Machine Learning can be used to create various prediction models for more efficient collection. Insurance business uses Machine Learning to create prediction models to analyze customer claims amount and calculate the most suitable insurance premium for each customer. Moreover, Machine Learning can also be applied in marketing activities, for example, banks can utilize it to recommend financial products for each customer (Cross selling). The faster the organizations start analyzing their existing data and expand their businesses with Machine Learning, they can deal with the changes of consumer behavior in a timely manner. As a result, those organizations can move one step ahead of their competitors.